The Australian Ministry of Finance has announced that the 30 percent Minerals Resources Rent Tax (MRRT) on coal and iron ore has been finally repealed. The repeal bill is now moving to the House of Representatives where it is expected to pass.

The Ministry of Finance said that the tax package was so poorly designed that it was in fact costing the government billions of dollars each year.

The mining tax which was imposed in July 2012 required mining companies to pay tax when their annual profits reached $75 million, a measure designed so as not to burden small businesses.